Software and hardware in their developmental phase

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Software and hardware in their developmental phase, building phase, installing phasecan realistically have malicious software introduced into them. This can easily introduce risksin the company which might have had things working perfectly before using that malicious orfaulty software or hardware. These can negatively affect a company’s day to day operations.Therefore, it is crucial that cybersecurity products are bought from reliable vendors. However,
no matter how reliable the vendor is there is a chance that even they are not aware of a faultor weakness in their product and that risk can be easily transferred to buyers when they buytheir products.One factor is the human factor. Employees of the suppliers can make a mistake or theycan even be malicious by introducing a code in a software which steals data from thecustomers or include a device in the hardware which sends information on a regular basis tosomeone else.Suppliers can also have outdated information or intelligence. This is not essentiallygiving bad info but rather old or unreliable info to the buyer which the buyer then uses to makedecisions. Now this could end up in wasting the buyers time or them actually making a badand devastating decision. There is a famous saying “garbage in, garbage out”. It is not just asaying but also a computer science and mathematics concept which says that if the input isunreliable then the output produced using that input will be useless and will not achieve itspurpose (Rouse, 2008). Managers need information and not just a huge chunk of data tomake decisions but rather they need reliable, timely information to make decisions tostrategize and to protect their company from the ever-evolving cyber threats.Natural disasters such as earthquakes, tsunami, and monsoons can also causeoperational risks. One of the most famous examples of a natural disaster causing anenormous risk was the Fukushima nuclear disaster in Japan in 2011 when an earthquake and
tsunami caused explosions in the nuclear plant which then caused radiation leaking (Muir,Hopper, & Schabner, 2011).Various parties can easily be involved in the supply chains which that can introduce alike of risk to both parties. In 2016 Samsung had to infamously recall their Galaxy Note 7 dueto the fact the second party batteries they put in their new phones had a serious overheatingissues causing the batteries to blow up and even hurt some of the consumers. This causedthey to complete cancel that phone and go back to the drawing board and it was a hugecompany loss at about roughly $5 billion (Swider,2017).Sloppy software or sloppy patching can cause damage to a company too. A basic thingas simply updating software regularly can be costly. A famous example of this is the leak ofPanama Papers. The law firm which was hacked was complacent in regularly updating theirsoftware and paid the price when hackers gained access to 2.6 terabytes of data (Rashid,2016).

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